公募REITs试点政策对城投债发行成本的影响研究

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A Study on the Impact of C-REIT Pilot Scheme on the Issuance Cost of City Bonds

LU Xiao1 ，YE Jianping² （1.Postdoctoral Mobile Station of Wudaokou Schoolof Finance，Tsinghua University，Beijing10o083，China; 2.School of Public Administration，Renmin University of China，Beijing1Oo872，China）

Abstract：This paper constructs a dummy variable based on the listing of the first-batch of C-REITs， using the credit spread of city bonds as a proxy variable to depict the bond market’s response to the C-REIT pilotscheme. Research shows that the pilot scheme has significantly reduced the financing cost of infrastructure-related city bond issuers in the primary market.Mechanism analysis indicates that city bond platforms，by divesting and listing assets，reduce reliance on implicit government guarantees，improve operational efficiency，and thus lower credit risks in the primary market. Heterogeneous analysis shows that the policy mainly benefits economically developed regions，provincial-level-and-above platforms，and those with AA + and higher ratings. But in economically underdeveloped areas and for lower-level，lower-rated issuers，the capital competition mechanism under the pilot scheme is more evident，raising financing costs and prompting these platforms to speed up their market-oriented shift.

Key words： C-REITs pilot scheme;city bonds;financing cost; market-oriented reform

一 引言

基建通则经济通，基础设施建设是地方经济发展的基石。（剩余14909字）